On Monday morning, the first thing I looked at wasn’t whether BTC is up or down...🐋

What I wanted to know was—who’s still buying?
ETF outflows continue, and market sentiment remains bearish.
Many people have already started to worry whether this week will keep dipping further.
This morning, I first went through the on-chain data.
According to AiCoin’s on-chain data, over the past two weeks, whales have cumulatively absorbed 270,000 BTC, worth about $16.7 billion.
Then looking at the trading action over the last 24 hours: BTC surged quickly from around 62,400 to 63,990, and then pulled back to 63,750—yet buy orders still firmly held the price in place.
This kind of support looks more like large capital continuously accumulating, not a rebound driven by retail sentiment.
What I care about now isn’t how much the price has risen, but who the coins are being transferred to.
The capital flow we can see is very clear: institutions are still adjusting their positions, ETF funds continue to flow out, but whales are steadily increasing their holdings.
Some people choose to step away, while others quietly scoop up the coins.
The market fluctuates every day, but coins don’t disappear out of thin air—they’re simply shifting between different pools of capital.
Historically, whenever long-term capital begins to accumulate persistently, the market often enters a new phase of coin consolidation. As for whether this is the bottom, no one can draw a conclusion in advance—but capital flows usually answer sooner than market sentiment.
So for the new week, I won’t rush to predict up or down.
I’ll keep watching just one thing—whether whales are continuing to buy.
Price can manufacture sentiment, but very little capital lies.
#BTC # On-chain data #巨鲸 # Institutional funds